by John Mauldin
[…] I am sure your inbox and the magazines you peruse and the TV programs you watch have been saturated with commentary on Brexit, much of its speculative nonsense. What I find the most annoying are people who feel that the British have made a huge mistake and that they are going to have to go through a period of unmitigated pain as punishment for their not appreciating the wisdom of their elders. They express an almost joyful glee in that prospect – especially if they don’t live in the United Kingdom.
As Donald Rumsfeld more or less said, there are things we know and things we don’t know and things that we can’t even imagine. Brexit falls into all of those categories. So before we start speculating ourselves, let’s take a trip down Reality Lane in Europe.